Hamilton County Commission Commission Meeting — 2013-08-12

Motion

Section 8. The Notes shall not be sold until receipt of the Comptroller of the Treasury or Comptroller’s Designee’s written approval for the sale of the Notes. Section 9. That, upon the opinion of bond counsel, the Notes may be designated as qualified tax- exempt obligations for the purpose of Section 265(b) (3) of the Internal Revenue Code of 1986. Section 10. That, after the sale of the Notes, the fiscal affairs of the Local Government shall be maintained on a cash basis in order that the current receipts of the Local Government are sufficient to meet current expenditures and debt service. For each year that any of the notes are outstanding, the Local 3 Government shall prepare an annual budget in a form consistent with accepted governmental standards and as approved by the Comptroller of the Treasury or Comptroller’s Designee. The Local Government shall maintain a balanced budget during the life of the notes. The annual budget shall be submitted to the Comptroller of the Treasury or Comptroller’s Designee immediately upon its adoption; however, it shall not become the official budget for the fiscal year until such budget is approved by the Comptroller of the Treasury or Comptroller’s Designee in accordance with Title 9, Chapter 21, Tennessee Code Annotated (the “Statutes”.) If the Comptroller of the Treasury or Comptroller’s Designee determines that the budget does not comply with the Statutes, the Governing Body shall adjust its estimates or make additional tax levies suf…